#Canada #Vale Base Metals #Thompson #Thompson Nickel #Exiro Nickel

Ongoing Commitment to Manitoba's Mining Future

Vale Base Metals (VBM) has recently announced a significant partnership aimed at securing the future of nickel mining in Manitoba's Thompson region. In collaboration with Exiro Minerals Corp, Orion Resource Partners LP, and Canada Growth Fund Inc., VBM is setting up a new consortium that is prepared to invest up to USD 200 million (approximately CAD 280 million) into the Thompson Mine Complex. This strategic investment is designed not only to maintain operations but also to bolster employment and promote sustainable mining practices in the area.

Establishing a New Company

As part of this agreement, Exiro, Orion, and CGF will own 81.1% of the newly formed Exiro Nickel Company, while VBM will retain a minority stake of 18.9%. The creation of Exiro Nickel reflects a united vision for a prosperous future for nickel mining in Thompson, which has a rich history of resource extraction dating back to 1956. The newly-established company will operate with a focus on sustainability and responsible mining, ensuring that the benefits extend beyond just profit.

Economic Impact

This new consortium emphasizes the importance of stable employment for the local population, recognizing that the Thompson Mine Complex is vital for the community's economic health. The Thompson operations consist of two underground mines and an adjacent nickel mill, which have historically provided significant resources to both local stakeholders and the broader Canadian economy.

In 2025, the Thompson operations produced 12,000 metric tonnes of finished nickel, marking a 21.2% increase from the previous year. Such growth signals a positive trajectory for the region and reflects VBM's ongoing strategic review process aimed at enhancing the global competitiveness of its mining portfolio.

Leadership Commitment

The leadership within the consortium is optimistic about this new direction. Shaun Usmar, CEO of Vale Base Metals, states, "This announcement secures the future of mining at Thompson, a site with significant resources. The consortium's investment will help ensure long-term stability for our workers and the surrounding community."

Exiro Nickel's CEO, Shastri Ramnath, also highlighted the historical significance of this transaction for Canada, emphasizing their commitment to working with local communities and the highly-skilled workforce that has upheld the mining traditions in Thompson.

Government Support

Government officials have echoed these sentiments, supporting the investment as a critical step for Manitoba’s economy. The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, reiterated that the investment will help Canada maintain a competitive edge in the global clean technology supply chain, while simultaneously enhancing job security in Manitoba.

The coalition formed by these companies and the government is attributed to extensive discussions and a shared vision for sustainable practices in mining, aimed at addressing both economic needs and environmental responsibilities effectively.

Looking Forward

As the consortium moves towards finalizing the agreement by the end of 2026, there remains optimism about the Thompson Nickel project's future potential. The investment signifies not just a partnership among major players in the mining industry but also a commitment to community welfare and economic stability for the region. Together, VBM, Exiro, Orion, and CGF are leading the way towards a sustainable and prosperous mining operation in Manitoba that prioritizes local jobs and long-term resource management.

The new venture, Exiro Nickel, promises to usher in a new era for the Thompson Nickel Belt, ensuring that the rich mining history continues to yield benefits for both the economy and its workforce for generations to come.